Resource Wrap: 22 January 2010 – AGO, OGC, PNA
January 21, 2010
Atlas Iron Limited (AGO) announced, last night, an increase to the Direct Shipping Ore (“DSO”) resource of 97% on the figures released in July last year to 186.6 million tonnes at 56.6% Fe. The company said this paves the way for the planned increases in production and sales revenue over the next three years. Atlas said the revised DSO resource estimate represents an increase of 230% from this time last year. The company said the resource base sets up the company to achieve its key goals of growing exports to an annual rate of 6 million tonnes this year, rising to 12 million tonnes in 2012. Atlas Iron also announced it had made two long-term off-take agreements with medium-sized Chinese steel mills covering a total of 1.1 million tonnes per annum of Atlas DSO product. The company said the two agreements represent about 30% of the increased production that would occur as a result of the start of operations at its Wodgina DSO Project. The agreements extend until 31 March, 2013.
OceanaGold Corporation (OGC), whose share price has risen around 1000% from early 2009 lows, reported a 14% jump in gold sales last year to just over 300,000 ounces, a record for the miner. Meanwhile, for 2010 the company flagged production to come in at between 270,000 - 290,000 ounces at cash costs of US$455-US$495/oz. Last quarter the exploration expenditure totaled $1.9 million, mainly focused on the continuing brownfields exploration program in New Zealand.
PanAust Limited (PNA) reported a record quarterly production of 16,854 tonnes copper, 19,283 ounces gold and 157,711oz silver at its Phu Kham operation in Laos. The company said copper production for 2009 was over 54,000t at an average cash cost of US97c/lb copper, while gold and silver production for the year stood at 56,759oz and 440,306oz respectively. PanAust forecast production for 2010 is expected to range between 60,000t and 63,000t copper at an average cash cost of between US95c/lb and US$1.05/lb after precious metal credits from over 43,000oz gold and 300,000oz silver. The company said as at 31 December 2009, it had US$88 million in cash, project debt of US$63 million and a mobile equipment lease facility of US$39 million. PanAust said EBITDA for the December quarter was a record US$67.9 million and US$124.7 million for 2009. The company said EBITDA for the 2010 is expected to be between US$165 million and US$225 million.
OceanaGold Corporation (OGC), whose share price has risen around 1000% from early 2009 lows, reported a 14% jump in gold sales last year to just over 300,000 ounces, a record for the miner. Meanwhile, for 2010 the company flagged production to come in at between 270,000 - 290,000 ounces at cash costs of US$455-US$495/oz. Last quarter the exploration expenditure totaled $1.9 million, mainly focused on the continuing brownfields exploration program in New Zealand.
PanAust Limited (PNA) reported a record quarterly production of 16,854 tonnes copper, 19,283 ounces gold and 157,711oz silver at its Phu Kham operation in Laos. The company said copper production for 2009 was over 54,000t at an average cash cost of US97c/lb copper, while gold and silver production for the year stood at 56,759oz and 440,306oz respectively. PanAust forecast production for 2010 is expected to range between 60,000t and 63,000t copper at an average cash cost of between US95c/lb and US$1.05/lb after precious metal credits from over 43,000oz gold and 300,000oz silver. The company said as at 31 December 2009, it had US$88 million in cash, project debt of US$63 million and a mobile equipment lease facility of US$39 million. PanAust said EBITDA for the December quarter was a record US$67.9 million and US$124.7 million for 2009. The company said EBITDA for the 2010 is expected to be between US$165 million and US$225 million.
Leave a Reply